Deloitte comments on the IASB’s revenue recognition standard

28 May 2014

The International Accounting Standards Board (IASB) today published its revenue recognition standard, which will give corporate reporting a new and more solid grounding for one of the most important aspects of any company’s results.

Veronica Poole, Deloitte's global IFRS technical leader, said: “This is the first time we have had a principles-based standard agreed by both the IASB and the US Financial Accounting Standards Board.

“The standard will bring change to the numbers which companies report, though the effect will vary considerably across different industries. It will have significant knock-on effects on the reporting of key performance indicators, for example, and may impact companies’ internal systems.

“Companies should not underestimate the possible impact of the new standard either in terms of change in revenue profile and the potential need for changing systems, processes and disclosures.”

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“This is the first time we have had a principles-based standard agreed by both the IASB and the US Financial Accounting Standards Board."-Veronica Poole, Global IFRS Technical Leader

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